Global Gallium Nitride Semiconductor Devices Market Report 2024: Growth Rate, Major Segments And Regions

The Gallium Nitride Semiconductor Devices by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Gallium Nitride Semiconductor Devices, The gallium nitride semiconductor devices market size has grown rapidly in recent years. It will grow from $8.82 billion in 2023 to $10.51 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%.  The  growth in the historic period can be attributed to increased government funding, emerging markets growth, increasing demand for semiconductor equipment, increased usage in automotives, increasing demand for consumer electronics.

The gallium nitride semiconductor devices market size is expected to see rapid growth in the next few years. It will grow to $19.81 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%.  The growth in the forecast period can be attributed to  rising use of gan-based components in defense industry, high proliferation of electric vehicles, increased venture capital funding, rising urbanization and increasing demand for portable electronic devices (ped). Major trends in the forecast period include gan 5g multi-modules, product innovation, technological advancement, application in electric vehicles (evs) and hybrid evs and increasing investment in semiconductor market.

Increasing demand for consumer electronics is expected to propel the growth of the gallium nitride semiconductor devices market. Gallium Nitride is 1,000 times quicker than silicon in terms of mobility. It is less expensive to produce than regular semiconductors, hence it is more widely used in consumer electronics. For instance, in January 2023, according to the annual financial report 2022 published by LG, a South Korea-based consumer electronics company, the sales for 2022 witnessed a growth of 12.9% compared to the previous year, when sales surpassed approximately $52.70 billion. Further, the LG Home Appliance & Air Solution Company also recorded another record-breaking year with a revenue of $22.5 billion in 2022, marking a 10.3% increase from the previous year. Therefore, the increasing demand for consumer electronics is driving the growth of the gallium nitride semiconductor devices market.

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The gallium nitride semiconductor devices market covered in this report is segmented –
1) By Component: Transistor, Diode, Rectifier, Power IC
2) By Device Type: Opto-Semiconductors, Power Semiconductors, RF Semiconductors
3) By Application: Automotive, Consumer Electronics, Defense And Aerospace, Healthcare, Industrial And Power, Information And Communication Technology, Other Applications
4) By Wafer Size: 2 Inch, 4 Inch, 6 Inch, 8 Inch

Companies in the GaN semiconductor devices market are developing new products to increase their brand awareness and expand the range of semiconductors. For instance, in June 2022, Wise-integration, a French GaN power supplies, and GaN integrated circuit company, launched its first commercial product, the 120mOhm WI62120 half-bridge power circuit, which provides power electronics designers with new levels of power density, performance, and cost-effective. Moreover, in March 2022, Cambridge GaN Devices, a UK-based semiconductor company that designs and develops GaN-based power devices, launched the ICeGaN 650 V H1 series consisting of four 650 V products that leverage the power of GaN-based technology, which can reduce power losses by up to 50%. The 650 V H1 product series enables the use of standard MOSFET drivers and GaN-based technology in applications running on silicon-based devices.

The gallium nitride semiconductor devices market report table of contents includes:
1. Executive Summary

2. Gallium Nitride Semiconductor Devices Market Characteristics

3. Gallium Nitride Semiconductor Devices Market Trends And Strategies

4. Gallium Nitride Semiconductor Devices Market - Macro Economic Scenario

5. Global Gallium Nitride Semiconductor Devices Market Size and Growth
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32. Global Gallium Nitride Semiconductor Devices Market Competitive Benchmarking

33. Global Gallium Nitride Semiconductor Devices Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Gallium Nitride Semiconductor Devices Market

35. Gallium Nitride Semiconductor Devices Market Future Outlook and Potential Analysis

36. Appendix

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